- Current report filing (8-K)
02 Luglio 2009 - 11:29PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): April 20, 2009
Universal
Infotainment Systems Corporation
(Exact
name of registrant as specified in its charter)
Nevada
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333-154227
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80 018 7018
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(State
or other jurisdiction
of
incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
East West Corporate Center
1771 Diehl Road, Suite 330
Naperville, Illinois
|
90210
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(Address
of Principal Executive Offices)
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(Zip
Code)
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630-390-7674
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
1.01. Entry into a Material Definitive Agreement.
On April
20, 2009, we entered into an agreement with LOW RIDER ESTABLISHMENT, existing
under the United Arab Emirates Law, Abu Dubai (“Low Rider”) pursuant to which
Low Rider acquires a Franchise and Distribution of the “Aftermarket” version of
the UNS Navigation Multimedia System.
Both
parties agreed that the “Goal” is at a minimum of 660 UNS Navi Systems
“installed” per month, at the “After market” level. For this reason we agreed to
provide Assistance support and Marketing support to Low Rider.
Should the
sale of 8,000 in number of Systems for the First Year be achieved by Low Rider,
we will return the AED 70,000 (USD 19,022) Deposit to Low
Rider. Further, a 24 hour & 7 days per week "Support Center" will
be provided by us, for the benefit of live support to Low Rider and that of Low
Rider Clients.
For the
purpose of clarifying Initial Marketing, Promotional and Advertising Plan, both
Parties hereto agreed that we in conjunction and co-operation with Low Rider,
plan a "Launch" of the "System" to the UAE "After Market", no later than
November 1
st
2009 in Abu Dhabi UAE first, and subsequently to the remaining
Emirates to follow.
Both
Parties agree that the Franchise Royalty Fee of 5% on Gross Sales per Year of
Low Rider, will be "waived" for the first year, (Calendar 12 Months from date of
launching the Product) and it will come into effect on, the beginning of the
Second Year and starting with the end of the first calendar quarter of the
Second Year.
The
"Franchise Agreement" between the Parties is of a 5 Year period, with "Automatic
Renewal" to be exercised at 5 Year intervals each thereafter, commencing with
the date of signing of this Agreement.
The
agreement is filed as an exhibit to this Form 8-K and should be referred to in
its entirety for complete information concerning this agreement.
Exhibits
10 Low
Rider Agreement
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been
signed below by the following persons on behalf of the registrant and in the
capacities and on the date indicated.
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Universal
Infotainment Systems Corporation
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Date:
July 2, 2009
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By:
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/s/
Emanuel G Pavlopoulos
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Emanuel
G Pavlopoulos
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Chairman
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